This Privacy Policy sets forth the policies of Greywolf Capital Management LP ("Greywolf") with respect to nonpublic personal information you provide to us. These policies apply to individuals and Individual Retirement Accountsonly and may be changed at any time, provided a notice of such change has been given to you.

you may provide us with personal information, such as your name, address, telephone number, social security number, assets and/or income information (i) in subscription agreements and related documents; (ii) in correspondence and conversations with Greywolf's representatives; and (iii) through transactions with or through Greywolf.

We do not disclose any of this personal information to anyone, other than to our affiliates, such as an investment adviser of Greywolf, and except as permitted by law, such as to our attorneys, auditors, brokers and regulators and certain service providers, such as a third party that hosts this web site, but, in all such cases, only as necessary to facilitate the acceptance and management of your investment. Thus, it may be necessary, under anti-money laundering and similar laws, to disclose information about investors in order to accept subscriptions from them. We will also release information about you if you direct us to do so, if compelled to do so by law or in connection with any government or self-regulatory organization request or investigation.

This web site may use "cookies," which may automatically collect certain information and data. "Cookies" are small pieces of data sent to your computer browser from our web server and stored on your computer's hard drive. The data identifies you as a unique user and facilitates your ongoing access to and use of this web site. Cookies also help us diagnose problems with our server.

We seek to carefully safeguard your private information and, to that end, restrict access to nonpublic personal information about you to those employees and other persons who need to know the information to enable Greywolf to provide services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

If you have any questions or comments about our Privacy Policy, please feel free to contact us.

User Agreement

By accessing or using this Greywolf Capital Management LP ("Greywolf ") web site (the "Site"), you hereby accept and agree to comply with the terms and conditions set forth in this User Agreement. This User Agreement is a binding agreement between you and Greywolf and governs your access and use of the Site, which includes any information, data, tools, products, services and other content (together, "Content") available on or through the Site. You may contact Greywolf with questions about the terms and conditions of this User Agreement.

PLEASE READ THIS USER AGREEMENT CAREFULLY BEFORE USING THE SITE. EACH TIME YOU USE THE SITE, YOUR USE INDICATES YOUR FULL ACCEPTANCE OF AND AGREEMENT TO ABIDE BY THIS USER AGREEMENT IN ITS THEN CURRENT FORM. IF YOU DO NOT ACCEPT THE TERMS AND CONDITIONS STATED IN THIS USER AGREEMENT, DO NOT USE THIS SITE.

1 Greywolf grants you a limited right to use the Site.

– Your right to use the Site is subject to your agreement to abide by this User Agreement in its entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Site. – At any time and for any reason we may revoke your right to use all or any portion of the Site. – You may not violate or attempt to violate the security of the Site.

2 The Site is owned by Greywolf, its affiliates and/or third parties

– The Site is protected by one or more copyrights, patents, database rights, trademarks, servicemarks and/or other intellectual property and proprietary rights that are owned by Greywolf its affiliates and/or third parties. – You may not decompose, decompile, reverse engineer, disassemble or otherwise deconstruct all or any portion of the Site. – You may not publish, broadcast, retransmit, reproduce, repackage, frame, commercially exploit, create any derivative of or otherwise redistribute all or any portion of the Site except as explicitly permitted in this User Agreement. – You may discuss information that you learn from the Site with your financial, legal or tax advisors, and others with whom you share investment decisions. – You may not remove any copyright, trademark or other proprietary notice or legend contained on (or printed from) the Site.

3 The contents of the password protected area of the website are subject to the confidentiality provisions of the respective investor fund documents.

4 You make certain representations and warranties regarding your use of the Site.

– You represent and warrant that: – you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to this User Agreement; – you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of this User Agreement; and – you will not delete any Content.

5 All Content is for informational purposes only.

– Nothing on the Site is an offer or solicitation to buy or sell any security, advisory services, or interests in any investment funds managed by Greywolf. – Although the Site may include investment-related information, nothing on the Site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy. – We do not give any advice or make any representations through the Site as to whether any security or investment is suitable to you or will be profitable. – Nothing on the Site is intended to be, and you should not consider anything on the Site to be, investment, accounting, tax or legal advice. – If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs. – The past performance of any investment, investment strategy or investment style is not indicative of future PERFORMANCE.

6 There are various risks you assume in relying on the Content.

– Dated Content speaks only as of the date indicated. – We make reasonable efforts to provide accurate Content, but at times we may not promptly update or correct the Site even if we are aware that it is inaccurate, outdated or otherwise inappropriate. – We may change all or any portion of the Site at any time without notice to you. – We do not endorse the opinions of, or warrant the accuracy of facts or other Content contributed by, any third party. – You agree that we are not liable for any action you take or decision you make in reliance on any Content.

7 You must keep your password confidential.

– You may receive a password to access certain restricted areas of the Site. – You are solely responsible for the confidentiality and security of your password. – You accept full responsibility for any use of your password. – You must notify Greywolf immediately of any actual or suspected loss, theft or unauthorized use of your password. – We are not obligated to inquire as to the authority or propriety of any use of or action taken under your password. We will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.

8 Greywolf is not liable for any technological problems and any impact that it may have.

– All or any portion of the Site may not be available and may not function properly at any time. – We make reasonable efforts to avoid technological problems, but at any time the Site may have and may cause technological problems such as viruses and other damaging computer programming routines or engines. – We take reasonable security precautions when using the Internet, telephone or other means to transport data or other communications, but we disclaim liability for any interception of data or communications. – We make reasonable efforts to ensure that the Site is secure but we do not guarantee the security of the Site. – We are not liable for any damage or injury caused by the performance or failure of performance of all or any portion of the Site. – We are not liable for any defects, delays or errors in or resulting from your use of the Site.

9 Greywolf is not responsible for information on any third party web site that is referred in, or accessible or connected by hyperlink to, the Site.

– If you access any third party web site through the Site or otherwise, you do so at your own risk. – Hyperlinks to or from the Site do not constitute third party endorsement of, sponsorship by or affiliation with us.

10 Greywolf has the right but not the obligation to monitor and record activity on the Site and respond as it deems appropriate.

– We may monitor and record activity on the Site for any reason or for no reason. – We may investigate any complaint or reported violation of our policies. – We may report any activity that we suspect may violate any law or regulation to regulators, law enforcement officials or other persons or entities that we deem appropriate. – We may issue warnings, suspend or terminate use of the Site, deny access to all or part of the Site or take any other action that we deem appropriate.

11 Greywolf will abide by its privacy policy.

– Personal nonpublic information that we gather from you will be governed by our Privacy Policy.

12 GREYWOLF DISCLAIMS ALL WARRANTIES WITH RESPECT TO THE SITE THAT THE LAW ALLOWS IT TO DISCLAIM.

– THE SITE IS PROVIDED "AS IS" AND "AS AVAILABLE." – WE DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THE SITE INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND OTHER PROPRIETARY RIGHTS. – WITHOUT LIMITING OUR GENERAL DISCLAIMER, WE DO NOT WARRANT THE AVAILABILITY, ACCURACY, COMPLETENESS, TIMELINESS, FUNCTIONALITY, RELIABILITY, SEQUENCING OR SPEED OF DELIVERY OF THE SITE OR ANY PART OF THE CONTENT.

13 GREYWOLF'S LIABILITY WITH RESPECT TO THE SITE IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW.

– IN NO EVENT WILL WE OR ANY OF OUR AFFILIATES, AGENTS OR EMPLOYEES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES HOWEVER CAUSED ARISING OUT OF THIS USER AGREEMENT, THE SITE, OR THE INABILITY TO USE THE SITE,. – OUR LIABILITY IS LIMITED EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF THE DAMAGES THAT YOU SUFFER OR IF ANY REMEDY YOU HAVE FAILS OF ITS ESSENTIAL PURPOSE. – UNDER ALL CIRCUMSTANCES, THE MAXIMUM LIABILITY OF GREYWOLF, ITS AGENTS AND EMPLOYEES TO ANY USER OF THE SITE WITH RESPECT TO THE SITE IS . – THIS DISCLAIMER OF LIABILITY APPLIES TO ANY AND ALL DAMAGES OR INJURY, INCLUDING THOSE CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF OR USE OF ANY ASSET, WHETHER FOR BREACH OF CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE OR UNDER ANY OTHER CAUSE OF ACTION.

14 You will be responsible for any liability to Greywolf that arises out of your breach of this User Agreement or your use of the Site.

– You agree to indemnify, defend and hold harmless Greywolf and its affiliates, agents, employees and third party sources from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including reasonable attorneys' fees) that arise from or relate to: your use of the Site, your breach of this User Agreement or any representation, warranty or covenant made by you in this User Agreement, your violation of any applicable law, statute, ordinance, regulation or of any third party's rights, or claims asserted by third parties which, if proven, would place you in breach of representations, warranties, covenants or other provisions contained in this User Agreement.

15 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CHOICE OF LAW RULES ANY LEGAL ACTION BROUGHT HEREUNDER SHALL BE BROUGHT IN THE COURTS OF NEW YORK, NEW YORK AND IT IS AGREED THAT SUCH COURTS SHALL HAVE JURISDICTION OVER THE PARTIES TO THIS AGREEMENT AND ANY DISPUTE ARISING HEREUNDER.

16 You will be bound by revised versions of this User Agreement that Greywolf posts on the Site.

– Modifications will be effective immediately upon posting unless we indicate otherwise. – Your use of the Site indicates your full acceptance of this User Agreement in its then-current form each time you use the Site.

17 You are bound by certain other general conditions. – We may assign this User Agreement in whole or in part at any time without your consent. You may not assign this User Agreement or delegate any of your obligations under this User Agreement. Any purported assignment of this User Agreement in violation of its terms is void. – If any provision of this User Agreement is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible and the remaining provisions of this User Agreement shall remain in full force and effect. – This User Agreement constitutes the entire understanding, and supersedes all other understandings, between you and Greywolf concerning the subject matter hereof.

Low Market Correlation

Portfolio Transparency

Alignment with Investors

About Us

Strategies

Our Team

Contact Us

Founded in 2003, Greywolf Capital Management LP (“Greywolf” or the “Firm”) is a registered investment adviser with approximately $3.3 billion in assets under management allocated across our Event Driven and CLO Credit Strategies. Our accomplished and cohesive team of 30 includes 14 dedicated investment professionals. At Greywolf, we combine the expertise developed over our history with time-tested portfolio management skills to offer attractive, risk-adjusted returns over the long-term with little correlation to the broad based markets. The Firm has earned a reputation for its commitment to integrity, transparency and alignment as a true partner with our investors.

Founded in 2003, Greywolf Capital Management LP (“Greywolf” or the “Firm”) is a registered investment adviser with approximately $3.3 billion in assets under management allocated across our Event Driven and CLO Credit Strategies. Our accomplished and cohesive team of 30 includes 14 dedicated investment professionals. At Greywolf, we combine the expertise developed over our history with time-tested portfolio management skills to offer attractive, risk-adjusted returns over the long-term with little correlation to the broad based markets. The Firm has earned a reputation for its commitment to integrity, transparency and alignment as a true partner with our investors.

Greywolf is a long-term investment partner, committed to the core principles of capital preservation, strong value orientation, quality and transparency.

The Greywolf Event Driven strategy has approximately $615 million in assets allocated across approximately 10 to 20 of our best ideas. We believe our event-driven approach has low overlap with other funds and little to no correlation to the broad based markets. We seek to generate returns through well-researched catalyst-driven ideas, and when necessary we will hedge unwanted/uncompensated industry or market specific risks. We believe our investment approach combined with our low general market correlation make the event-driven strategy a strategic addition to an alternative portfolio.

Greywolf manages several CLO vehicles that invest primarily in portfolios of leveraged loans and high-yield bonds. Greywolf also manages a Corporate CLO focused strategy that invests in third party CLO debt and equity, along with numerous client specific CLO focused vehicles. By integrating our research analysts on the Event Driven team into the CLO process, we believe we are able to gain a competitive advantage in identifying CLO debt and equity positions with superior credit quality. We are dedicated to customizing the appropriate solution for our investors through separate accounts or a fund of one.

Our philosophy of creating partnerships with our investors is exhibited daily in our devotion to first class client service and true transparency.

At Greywolf, the collective expertise of the entire organization is more powerful than any one individual. Our accomplished research team draws on the experience gained and networks developed while working at some of the largest and most reputable investment banks. The average tenure at Greywolf for investment professionals is over ten years and spans a variety of market cycles. Greywolf is a truly collaborative environment with a culture focused on integrity and mutual respect.